IMF confirms no new public-sector Bitcoin purchases by El Salvador despite government claims of daily accumulation
El Salvador’s government claimed throughout 2025 that it was buying one Bitcoin per day. However, a newly published IMF report directly contradicts those assertions.
IMF Reveals El Salvador’s Bitcoin Bluff
The July 15 report, part of the IMF’s Article IV consultation and first program review, makes clear that El Salvador has not bought any new Bitcoin since the $1.4 billion Extended Fund Facility (EFF) was approved in December 2024.
“The overall stock of Bitcoin held by the public sector has remained unchanged since program approval,” the IMF stated.
Throughout the year, President Nayib Bukele and El Salvador’s National Bitcoin Office continued to post on social media that the country was accumulating Bitcoin—one per day.
Public-facing wallets showed an increase in holdings, and government tweets reinforced the idea of ongoing purchases.
On March 4, Bukele posted that the daily Bitcoin buying program was still active and would continue.
Around the same time, the Bitcoin Office claimed holdings exceeded 6,102 BTC. The media cited these numbers, which were widely repeated in crypto circles.
However, the IMF debunked this story in its official program review.
What Actually Happened
According to the Fund, the rise in Bitcoin wallet balances came from internal movements between government-owned wallets—not new purchases.
These wallet consolidations gave the illusion of buying but reflected no fresh market activity.
The report also disclosed “small fluctuations” in Bitcoin deposits in the government’s Chivo e-wallet. These, too, were addressed through internal corrective measures, not additional public funds.
Put simply, no taxpayer money has gone into buying more Bitcoin in 2025.
Yet, this discrepancy raises serious questions about transparency and trust. El Salvador made global headlines in 2021 by adopting Bitcoin as legal tender.
However, in January 2025, the country reversed course under pressure from international lenders and with a fragile fiscal position.
More specifically, it stripped Bitcoin of legal tender status and agreed not to use public resources to acquire more.
The IMF’s new findings confirm that El Salvador is honoring its financial commitments.
Chivo Under Fire
The IMF report also cited “minor deviations” in performance criteria due to irregularities in the Chivo system. The Salvadoran government has agreed to fully end public-sector involvement in the Chivo Wallet by the end of July 2025.
This move aligns with a broader push for fiscal transparency and market discipline under the Fund-supported program.
Also, the government has committed to publishing financial information for state-owned enterprises and to unwind the public Bitcoin trust, Fidebitcoin.
As the end-of-July deadline for privatizing Chivo approaches, the Bitcoin community will be watching to see if El Salvador follows through—or keeps spinning a narrative at odds with the facts.
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